The Top 3 Challenges of Records Management (and What to Do About Them)
The world of records management is rapidly changing. Gone are the days of paper only records and the ability to review each document and catalog it appropriately. Looking ahead, what are the challenges facing records managers over the next one to three years?
Challenge #1: The Volume of Information
Here are some scary statistics: just in the last 2 years we have generated almost 90% of the total data in the world since the beginning of humanity. With this pace, it is expected that we will have 50 times more information by 2020.
90% of the world’s total data were generated in the last 2 years!
The amount of information being generated (and potentially treated as a record) is increasing exponentially. Every day we create 2.5 billion gigabytes of data, which is equivalent to creating enough data to fill 10 million Blu-Ray disks (remember those?). If these were stacked on top of each other, they would reach the height of four Eiffel Towers.
The amount of content we are creating is just so massive that it is at a point where humans on their own are not able to process it anymore.
Challenge #2: Records Are Everywhere
If we think about 10 or 20 years ago, records were just about electronic and physical documents, and were largely sourced from “on-premise” document management systems, file shares, and physical locations.
This has changed drastically, in such a way that the definition of what is considered a “record” was forced to change over the years.
One of the main contributors to this has been the boom of cloud solutions that have introduced new software, new formats, and new sources into organizations. These have drastically increased the rate of adoption like we’ve never seen before.
We have moved from a world where consistently using the same tools was key into a world where people are empowered by using the tools that best allow them to get their job done.
Essentially from now on, we almost need to assume that everything is a record and records are everywhere!
Challenge #3: International and Local Compliance
The increasing complexity around compliance requirements is also posing a big challenge to you as record managers and to us as providers of record management solutions. Companies are no longer only affected by local laws and regulations anymore. They need to consider international laws and regulations too.
This is requiring companies to adopt much complex record keeping and information sharing processes.
What is the Solution?
Gone are the days where we could ignore the increasing information volume, the diversity of content sources, and higher compliance expectations. Since the volume is simply too much for a records manager or even an army of records manager to process, what are our options?
Automation is a key factor to help setting you up for success in the new world of records management. We can create automated processes and train artificial intelligence driven applications to help keep control of the chaos. Automation can be used to apply categories to large volumes of content, keep track of multiple regulations, and do so across all content sources.
How exactly this is accomplished is a larger discussion. Join us over the next few weeks as we discuss artificial intelligence and automation in detail, to explore how it will affect records management now and into the future.